You might think an A-list business reporter for the NY Times would know basic economics. But not in the case of Joe Nocera.
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Globalization seems to be looked on as an unmitigated “good” by economists. Unfortunately, economists seem to be guided by their badly flawed models; they miss real-world problems. In particular, they miss the point that the world is finite. We don’t have infinite resources, or unlimited ability to handle excess pollution. So we are setting up a “solution” that is at best temporary. Via Willy De Backer Delete the scoop?
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"This new study explores the implications of a major financial crisis for the supply-chains that feed us, keep production running and maintain our critical infrastructure. I use a scenario involving the collapse of the Eurozone to show that increasing socio-economic complexity could rapidly spread irretrievable supply-chain failure across the world."
Excellent new report from Irish think tank Feasta on the interconnectness between global energy insecurity, economic supply chains and the financial system. Worth reading full report. Via Willy De Backer Delete the scoop?
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